Financial services unicorn Yubi (erstwhile CredAvenue), which provides debt restructuring, credit assessment and collections services to banks, fintech companies and non-banking financial corporations, saw its revenue from operations rise by 47.6% to Rs 483.7 crore in the financial year 2024 from Rs 327.57 crore in the fiscal before, according to data from VCCEdge, the data intelligence platform of VCCircle.
On the other hand, the company, which is backed by B Capital, Cred, Dragoneer Investment Group, Lightrock Ventures, Lightspeed, Peak XV, and TVS Capital, among others, reported a decline in its net loss at Rs 395.8 crore in FY24 from Rs 509.83 crore in fiscal before.
Yubi, originally founded as CredAvenue in 2020 by Gaurav Kumar, runs a credit marketplace that facilitates debt transactions. It supports more than 17,000 enterprises and over 6,200 investors and lenders. It rebranded from CredAvenue in June 2022 to support its international expansion and broaden its product offerings.
The company primarily offers six products, with its primary revenue sources being lending via lending partners, supply chain financing, and real estate and infrastructure financing.
In terms of its revenue split, its platform services, which are provided by Yubi’s standalone entity, Credavenue Pvt. Ltd, stood for nearly half of the company’s operating revenue at Rs 220.5 crore in FY24.
On the other hand, the revenue of its subsidiary, Credavenue Securities Pvt. Ltd, which works in the domestic debt capital markets and provides merchant banking services, declined in FY24 to Rs 124 crore from Rs 193.3 crore in the fiscal before.
At the same time, revenue from Spocto Solutions Pvt. Ltd, which provides digital debt collection campaign solutions to lenders via its platforms for automated communication and call center services, increased to Rs 125.5 crore in FY24 from Rs 73.1 crore in FY23.
The company had last raised funding In March 2022, when it raised $137 million led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer, with participation from existing investors.
The round pushed the company to enter the famed unicorn club of startups. Previously, it had raised nearly $90 million in a funding round led by Peak XV Partners (erstwhile Sequoia India & South East Asia) in September 2021 in its Series A funding round.
